Bank of America said it expects corporations to make payments exceeding $1 trillion through its cash management application, CashPro®, by the end of this year. This is an increase of more than 25% compared to the previous year.
CashPro is Bank of America’s digital banking platform, with about 550,000 users from over 40,000 corporations around the world managing and verifying payments, deposits, loans, and trade finance payments through it. The CashPro app has also ranked first in the mobile app category for corporations and commercial banking.
Bank of America customers can initiate corporate payments through any of four channels: online, app, API (Application Program Interfaces), and Connect (file-based). To enhance security, additional approval processes may be required before the payment is completed, and customers can utilize the CashPro app to finalize this.
Jennifer Sanctis, head of the CashPro app and GPS personalization technology for Bank of America’s global payments solutions, noted, “An examination of the utilization of CashPro app features revealed an increasing and diversifying level of customer activity over time.”